Vectra calls off Netia bid

Polish cableco Vectra has called off its bid for a stake in full service provider Netia, after failing to obtain the target 33% stake in its tender call for shares, Reuters reports. Vectra had offered around PLN607 million (USD193.01 million) for the stake, but despite attempting to sweeten the deal, the bid fell through as the market price for Netia shares exceeded Vectra’s offer. Vectra originally offered to buy 114.8 million shares at a price of PLN5.31 each before improving that price to PLN5.41 per share. As previously reported by CommsUpdate, the higher offer was outstripped by the market price, which passed PLN5.56 late last month.